Many people believe that Product Lifecycle Management or PLM software is something that only designers and engineers use. This is a gross misconception that compromises the functionality and final output of the software.
In reality, PLM software is highly effective when it comes to addressing all the different verticals, teams, and executives that are in the organization. A product needs to be handled by everyone-
- Marketing Professionals
- Sales Teams
- Service, Maintenance, and Support
- CRM Executives
- CEO and Founders
As you can see, the applications of PLM software are not restricted to just designers or engineers. In this article, we are going to outline some of the major benefits of using a successful PLM like SEACAD ENOVIA software.
What is a Product Lifecycle Management (PLM) Software?
A PLM software is a tech tool that helps a business organization trace the entire and complete journey of its products from start to end. In other words, it allows for capturing of information and presentation of data from the start of the design process of a new product to the endpoint where the product needs to be recycled.
At the heart of any successful PLM software lies its ability to factor in millions of data, information points, and pressures that can help the different teams execute their work in a better way. For a very long time, PLM software has been helping businesses improve their operations.
In 1985, the American Motor Corporation (AMC) was the first major mainstream organization that started using PLM in a modern way. It started the application of PLM on one of its most iconic products the Jeep Cherokee. Ever since then, numerous car manufacturers and tech/gadget companies have started integrating PLM into their work.
List of the Major Benefits of Using a Product Lifecycle Management Software
- Reduces Risks, Uncertainties, and Out-of-the-blue Challenges-
One of the most crucial functions and benefits of PLM software is providing information. It seeks to see problems before they exist. Brands are always careful about not being caught off-guard in case of major emergencies. By using PLM software, brands will be fully aware of what is happening at every stage and vertical.
- Improves Productivity and Output in the entire process-
At the design and development stage, designers and engineers can benefit from the data that PLM software can provide. This data comes on the back of what users are saying about the product and brand. This input can be effective and help channel productivity, not only in the initial stages of design and manufacturing, but also for marketing, sales, and support.
- Ensures a Handle on Cost Managements and Affordability-
How do you think brands price their products for the market? As against just measuring the costs of the actual parts and saying something is high priced, brands need to make considerations in the costing. From fluctuations in international markets for parts to taking into account the marketing, showroom, and dealer costs, PLM provides information on all.
- Reduces the Time Taken for the Product to Hit the Markets-
Every brand wants to speed up the process from design to final sales. This is easier said than done. However, with the right PLM software, brands can ensure that they are reducing costs through small, yet constant optimizations. Even if they can shave off one day through different verticals, it can help reduce the time to a month! This is huge in terms of costs.
- Improves Final Revenues, Profits, and Shareholder Interests-
At the end of the day, a business needs to make profits to be touted as being successful. Using a good PLM software like ENOVIA ensures that brands remain profitable at all times. Reducing mistakes, streamlining processes, improving productivity, and faster reach to market all help the brand increase its revenues to benefit shareholders.
The Bottom Line
In addition to the above major advantages, PLM software is great for businesses that have valuable data. It allows for the centralization of data across business verticals. This can help the higher management to make informed decisions proactively and address major pain points in the entire process. If you have any other questions on how does PLM software works, please let us know in the comments section below.